Cleveland-Cliffs prices; AssuredPartners, Twin River on tap; United Rentals weakens

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 25 – The domestic high-yield primary market set the stage on Monday for another active week with one drive-by deal pricing and several more joining the forward calendar.

Cleveland Cliffs Inc. priced a $750 million issue of 5 7/8% eight-year senior guaranteed notes (existing ratings B1/B+) at 96.125 to yield 6½% in a quick-to-market trade.

AssuredPartners, Inc. started a roadshow for a $475 million offering of eight-year senior notes (existing ratings Caa2/CCC+).

Twin River Worldwide Holdings, Inc. started a roadshow on Monday for a $350 million offering of eight-year senior notes (B3/B).

Drax Finco plc plans to start a roadshow on Tuesday for a $200 million add-on to its 6 5/8% senior notes due Nov. 1, 2025 (expected ratings S&P: BB/Fitch: BB).

And JPW Industries, Inc. plans to conduct an investor roadshow for a $60 million offering of notes, which mirror its 9% senior secured notes due Oct. 1, 2024 (B3/B).

The European primary market also saw its forward calendar grow with Conus Real Estate AG beginning a roadshow for a €400 million offering of five-year senior secured notes (S&P: B-).

EG Group also updated guidance on a €500 million minimum offering of senior secured notes due February 2025 (expected B2/confirmed B+/confirmed B+).

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